Name: NIC BANK
Item: NIC BANK
Author: Admin

NIC Bank, which stands for National Industrial Credit Bank, is a commercial bank in Kenya. NIC Bank is a big financial services provider in East Africa. Its main office is in Nairobi, Kenya, the bank owns branches in Kenya, Uganda and a 51% shareholding in NIC Bank Tanzania, a commercial bank in neighboring Tanzania.
The bank was established in 1959 after the unification of Standard Bank Limited and Mercantile Credit Company Limited. In the beginning NIC was a non-bank financial institution (NBFI). It became a public company in 1971, by listing on the Nairobi Stock Exchange. NIC was given a banking license after applying for one in 1995. In 1997, NIC Bank and African Mercantile Bank Limited (AM Bank) unified.
In May 2009, NIC Bank acquired a 51% shareholding interest in Savings and Finance Commercial Bank, a small Tanzanian retail bank. Savings and Finance Commercial Bank relabeled to NIC Bank Tanzania, so as to reflect the new shareholding structure. In May 2012, NIC Bank launched a 100% branch, NIC Bank Uganda.

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